ISLAMABAD: Prime Minister Imran Khan has announced an extension in the relief package for the construction sector, saying that the fixed tax regime for the construction sector that was introduced earlier this year had been extended to Dec 31, 2021.
“I want to give the construction sector good news for the new year. We have extended the fixed tax regime to Dec 31, 2021,” the prime minister said during his address to the nation on New Year’s Eve.
The Prime Minister pointed out that the construction sector saw remarkable development as projects worth Rs186 billion were registered in 2020. “This had been a big demand from the construction industry which was why they were given an extra year,” he added.
He also highlighted that the construction projects worth Rs163 billion have started in Punjab. “The projects in Punjab will create employment opportunities for 250,000 people,” he added.
“Similar projects have also been started in Khyber Pakhtunkhwa, Karachi and Balochistan,” he informed. Talking about the incentives, the premier said, “We gave packages for low-cost housing for salaried people who were unable to afford houses previously.”
“For the first time in Pakistan, banks are financing houses. Banks have vowed to allocate Rs378bn for construction activity till Dec 31, 2021,” he said, adding that the government decided to give subsidies of Rs30bn for low-cost housing in reference to the package announced for the Naya Pakistan Housing Project (NPHP).
He further announced that the government was working on fixing civic issues being faced by the big cities of Pakistan through its master plans and added that the land records of Karachi, Islamabad and Lahore would be digitalized till August 2021.
